Solve Questions 8 Requirements Income Statement and Closing Entries in General Journal Balance Sheet as on Dec 31, 2017

Accounting (Com) XI 5,000 Transportation-In Sales Discount 5,000 60,000 Accounts payable 130,000 Bank loan 60,000 Rent Expenses Sales 305,000 Sales return 5,000 Commission Income 17,000 Capital 237,000 Drawing 24,000 Total 764,000 764,000 Data for Adjustment on December 31, 2017: (i) Merchandise Inventory at December 31, 2017 Rs.60,000. (ii) Unpaid Rent Rs.2,000.. (iii) Insurance Expired Rs.12,000. (iv) Depreciation on Equipment estimated at Rs.4,000. REQUIRED: (1) Income Statement for the year ended December 31, 2017. (OR)... Adjusting and Closing entries in General Journal. (2) Balance Sheet as on December 31, 2017. Q.8 FINANCIAL STATEMENT (OR) CLOSING ENTRIES: 2017 Accounts balances and data for adjustment of Wajid Brothers at the end of June 30, 2016 are as follows: Accounts Receivable Rs.10,000; Accounts Payable Rs. 12,000; Sales Rs. 105,000; Sales Return and Allowances Rs.5,000; Purchases Rs.50,000; Purchase Discount Rs.2,000; Cash Rs.50,000; Merchandise Inventory Rs.15,000; Unearned Commission Rs.18,000; Prepaid Rent Rs.8,000; Capital-Wajid Rs.71,000; Furniture Rs.20,000; Allowance for Depreciation Furniture Rs.3,000; carriage-In Rs.2,000; Salary Expense Rs.36,000; Advertising Expense Rs.10,000.; Drawing-Wajid Rs.5,000. Data for Adjustment on June 30, 2016: (i) Merchandise Inventory on June 30, 2016 Rs.20,000. (ii) Actual Salary for Year Rs.40,000. (iii) Depreciation on fixed assets @ of 10% of cost. (iv) Estimated Bed Debts Expense for the year 1% of Net Sales. (v) Commission Income for the year Rs.12,000. (vi) of the Rent expired during the period. REQUIRED: (1) Income Statement for the year ended June 30, 2016. (OR)... Closing entries in General Journal (2) Balance Sheet as on June 30, 2016 in Classified form. 9.8 FINANCIAL STATEMENT AND CLOSING PROCESS: expense (Machinery) Rs.1,000. (vi) Bad debt expense Rs.800. REQUIRED: Prepare Adjusting and closing entries in General Journal. (OR)... Prepare Income Statement for the year ended December 31, 2018 and Balance sheet as on December 31, 2018 Q.8 FINANCIAL STATEMENT (OR) ADJUSTING-CLOSING ENTRIES: The following have been balances taken from the pre-closing trial balance of UWH Traders of December 31, 2017. Particulars Credit Cash Debit 140,000 Bank 100,000 Accounts Receivable 75,000 Merchandise Inventory (opening) 35,000 Unexpired insurance 25,000 Purchases 230,000 Equipment 60,000 Purchase Return 15,000 14